Devon Energy Co. (NYSE:DVN) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Devon Energy Co. (NYSE:DVN – Get Rating) have been given a consensus rating of “Moderate Buy” by the twenty brokerages that are covering the stock, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $74.39.

Several research analysts have issued reports on the company. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Monday, February 20th. Piper Sandler cut their target price on shares of Devon Energy from $89.00 to $85.00 and set an “overweight” rating on the stock in a research note on Tuesday. Truist Financial cut their target price on shares of Devon Energy from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, February 16th. Barclays decreased their price objective on shares of Devon Energy from $86.00 to $82.00 and set an “equal weight” rating for the company in a report on Monday, January 23rd. Finally, Citigroup decreased their price objective on shares of Devon Energy from $77.00 to $66.00 and set a “buy” rating for the company in a report on Thursday, February 23rd.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $51.76 on Friday. Devon Energy has a 12 month low of $48.86 and a 12 month high of $79.40. The stock has a market cap of $33.85 billion, a price-to-earnings ratio of 5.68, a PEG ratio of 0.15 and a beta of 2.33. The stock’s 50 day moving average price is $59.73 and its 200 day moving average price is $64.99. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.25 and a quick ratio of 1.19.

Devon Energy (NYSE:DVN – Get Rating) last announced its earnings results on Wednesday, February 15th. The energy company reported $1.66 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.09). The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.29 billion. Devon Energy had a return on equity of 52.20% and a net margin of 31.38%. Devon Energy’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.39 EPS. Equities research analysts anticipate that Devon Energy will post 7.04 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a None dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be given a $0.89 dividend. This represents a yield of 9.3%. The ex-dividend date is Tuesday, March 14th. This is a positive change from Devon Energy’s previous None dividend of $0.49. Devon Energy’s dividend payout ratio is 7.89%.

Insider Buying and Selling

In other Devon Energy news, Director John E. Bethancourt purchased 3,765 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The stock was purchased at an average price of $53.06 per share, with a total value of $199,770.90. Following the completion of the transaction, the director now directly owns 94,669 shares of the company’s stock, valued at approximately $5,023,137.14. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director John E. Bethancourt acquired 3,765 shares of the firm’s stock in a transaction on Friday, February 17th. The shares were purchased at an average cost of $53.06 per share, with a total value of $199,770.90. Following the completion of the purchase, the director now owns 94,669 shares of the company’s stock, valued at $5,023,137.14. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Richard E. Muncrief acquired 10,000 shares of the firm’s stock in a transaction on Friday, February 17th. The shares were purchased at an average cost of $53.28 per share, for a total transaction of $532,800.00. Following the completion of the purchase, the chief executive officer now directly owns 1,973,977 shares of the company’s stock, valued at approximately $105,173,494.56. The disclosure for this purchase can be found here. Company insiders own 0.80% of the company’s stock.

Institutional Trading of Devon Energy

Hedge funds have recently modified their holdings of the stock. WFA of San Diego LLC bought a new position in Devon Energy in the fourth quarter valued at approximately $25,000. Tyler Stone Wealth Management acquired a new stake in shares of Devon Energy during the fourth quarter worth $25,000. Tradewinds Capital Management LLC raised its holdings in shares of Devon Energy by 115.0% during the fourth quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock worth $26,000 after acquiring an additional 230 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy during the first quarter worth $26,000. Finally, SJS Investment Consulting Inc. acquired a new stake in shares of Devon Energy during the third quarter worth $29,000. 78.08% of the stock is owned by institutional investors.

Devon Energy Company Profile

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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.